Words – Page 3 – [BonkNote]

Surprises UL, by its nature, tends to have bigger and later surprises. — Daniel F. Byrne, M Financial Group 1999 – SOA – The Next Generation Universal Life, Society of Actuaries – 30p (p14) – Baird WEBEL (CRS-Congressional Research Service). I was actually struck in that New York Times article when they talked about the insurance companies themselves…

Secrets I mean, the law is not a secret…. (p182) 2014 0425 – DOC 813 – Trial Transcript – Day 12 – Walker v LSW – 224p The method of computation of “net premium” is the great insurance secret. We doubt if any legislator or any judge ever solved the problem or guessed the secret. (p66)…

Cash Flow The cash flows of a policy are defined by the Society for this purpose as “the actual transfer of funds between the policyholder and the insurance company in either direction, and includes premiums, dividends, cash values and death benefits.” Actuaries Report, supra n. 33, at 6. So what I am saying is that…

Surplus Relief We have developed model regulations dealing with surplus relief, and we tried to close those loopholes so that the balance sheets are in fact truly stated, perhaps not misleading, but truly stated. — John F. Gies (Chief Life/Health Actuary of the Connecticut Insurance Department) 1999 – SOA – Insurance Company Failures of the Early…

Universal Universal Life – Index Universal Banks

Consumer Understanding James Hunt (National Insurance Consumer Organization) stated that in his experience most people are very confused about the coverage they have. Mr. Morgan (Ohio) stated that his experience was that consumers did not understand what they had purchased. He said there should be an understandable way of saying that the company is guessing…

Guessing The actuary cannot and should not attempt to estimate or predict the future. This would reduce actuarial work to guessing. ⇒ What then are actuarial assumptions? 1998 01 – SOA – Actuarial Futures – Actuarial Assumptions and the Future, by W. Harold Phillips, Society of Actuaries – 4p (p3) – Companies say: After 5…

Culture Chairman Paul KANJORSKI. (D-PA) – Do you think it is not working smoothly because of avarice, or a thoughtful intent to deny paying customers, or attempting to target and only make special monies in special areas? Mr. HUNTER. I think it is— Chairman KANJORSKI. From the areas that Mr. Eiland is talking about? Mr.…

Price Fixing One of the specific examples, Lou, was a survey done about term insurance in conjunction with a workshop. The Society counsel felt, because of some questions relative to pricing assumptions, that the survey came close to price fixing. <WishList: Survey> — Stephen H. Frankel, Northwestern Mutual the incoming Chairman for the Society’s Program…

Reliance Justified Reliance Reasonable Reliance Reliance Insurance Company 1999 – LC – Zarrella v. Minnesota Mutual Life Ins., 96-2782 – Opinion – 26p (p10) – More importantly, however, plaintiff could not have prevailed on the misrepresentation claims because the statement did not induce plaintiff to act on them in the manner that Minnesota Mutual intended. The statements were part…